The minister made the remarks after flagging off the first underground Metro Rail service from Tirumangalam to Nehru Park here, in the presence of Tamil Nadu Chief Minister K Palaniswami.

Union minister M Venkaiah Naidu said on Sunday informed that the Centre will come up with a novel Metro Rail policy for future projects, coherent with the government-approved National Policy on Transit Oriented Development (TOD).

“The Centre is formulating a new Metro Rail policy to enable innovative finance such as land value capture, transit-oriented development for new Metro Rail projects,” The union minister said.

Besides the new metro policy, a National Policy on Transit Oriented Development (TOD) has been formulated and approved by the Union government, he said.

This will form a mandatory requirement for all new metro projects in the country, Naidu said.

The minister made the remarks after flagging off the first underground Metro Rail service from Tirumangalam to Nehru Park here, in the presence of Tamil Nadu Chief Minister K Palaniswami.

Naidu said the Centre has standardised critical specifications of rolling stock and signalling systems of Metro Rail for promoting standardisation and indigenisation.

He said the government was also planning to roll out a ‘green urban mobility’ scheme, aimed at improving overall travel facilities in cities by providing last mile connectivity through non-motorised transport like pedestrian pathways and bicycle sharing.

Referring to the new metro line here, Naidu said 28 kms of a total length of 45 kms in Phase 1 of the project will now be operational.

“This project was sanctioned by Government of India at a cost of Rs 14,600 crore. The government has so far released about Rs 11,301 crore for the Chennai Metro project,” he said.

With today’s launch of the line, arounhd 341 kms of metro rail has become operational in New Delhi, the National Capital Region including Gurgaon, Kolkata, Chennai, Bengaluru, Jaipur and Mumbai.